Wipro registeres Rs 700 cr profit during Q2

Bangalore, Oct 18: IT major Wipro Limited has registered a 46 per cent growth in profits on Year on Year (YoY) to Rs 700 Crore and the company's revenue has grown up by 41 per cent on YoY stood at Rs 3,546 Crores during the second quarter ended September 30.

Announcing the Second Quarterly results, Wipro Chairman Azim Premji said here todoay that ''we believe that the focus we have on strategy and execution has continued to deliver robust results for the company. Our IT Services&Products business witnessed strong volume growth and operational improvements during our quarter ended September 30, 2006.'' Mr Premji said that ''looking ahead, for the quarter ending December 2006, we expect Revenue from our Global IT Services&Products business to be approximately $ 633 million.''

Mr Premji said that ''Our differentiated Services-Technology Infrastructure Services, Testing Services and Enterprise Application Services have grown double digits sequentially. In addition, our Financial Solutions and Technology, Media, Transportation&Services (TMTS) Vertical demonstrated excellent traction and delivered superior performance.'' He said that company's global IT Services&Products business has added 54 new clients during the quarter, 11 of which were Global 500 or Fortune 1000 clients. Besides BPO Services business has also posted a strong Revenue growth and Operating Margin improvement, ''reinforcing our confidence that it is moving in the right direction of delivering industry-leading growth rates.'' Wipro's Global IT Services&Products Revenue has increased by 44 per cent YoY and stood at Rs 2,720 Crores and PBIT was Rs 664 Crore, an increase of 44 per cent on YoY.

Wipro Chief Financial Officer Suresh Senapaty said that ''during the second quarter the Global IT Services&Products Revenue was at USD 589 million, ahead of our guidance of USD 577 million for the quarter. On our margin front, operational improvements and superior BPO Services profitability helped us in significantly offsetting the pressure on profitability arising out of wage increases and noncash charge of Restricted Stock Units issued during the quarter.

UNI